Bitcoin might not officially be on a bear market

[Wind_FURY]

Bitcoin is confirmed in a bear market. It's last bear market before the world officially moves on to the realization that safe fiat is the best store of value.

Shower thought. What if proudhon is truly a faithful Bitcoiner, more faithful than anyone in the community, that he’s willing to act the persona of the troll or a character, but a stupid troll, to make all the real trolls look stupid.

Proudhon, I salute you.

[CryptopreneurBrainboss]

As @pooya87 says the bull market is not over and as @CryptopreneurBrainboss says those who think this is the start of a bear market are in for a disappointment.

Many thinking we're in a beer market are those that bought the last peak which was way above $60k, you don't have to blame them though as probably they're newbie wanting to jump on the opportunity they were seeing on the social media of people making thousands of dollars from just cents and hundred of dollars investment.

Everything is crashing now as funds are been pulled out of those shitcoin to be secured in stablecoin. So to them the market is crashing not knowing that their shitcoin are what are crashing and not the cryptocurency market generally or that of bitcoin to be more specific.

[shield132]

The bear market won't officially happen at the moment. This small dip is good and healthy, when the price rises quickly and significantly, there is time for a dip to hit. The current trend looks like bitcoin will rise and reach a new ATH in near future. Btw if we have a look at past trends, serious gains will happen at the end of the year. There was halving in 2016 but bitcoin reached it's all-time high in December 2017. We had a little bit early significant rise but at the same time rise wasn't as huge as it was on previous halving, that's why I think that 65K isn't the ATH of the year.

[pooya87]

I remain to argue that they are speculations about Tether. They are not FUD because Tether only showed attestations. They were not audits.

Saying iFinex Inc (Bitfinex parent company, also creator of Tether) is shady and have never been able to provide any proof that their USDT is backed by USD 1:1 is not FUD, it is a fact. I have also warned people basically any time they talk about moving to a "stablecoin" in times of volatility.

However, saying Tether controls bitcoin price and the reason why it has gone up is because of Tether, or as you put it "Tether is pumping this market" is a big ass FUD.

You say that it is a fact that iFinex, Bitfinex and Tether has never provided convincing proof that USDT is backed by USD 1:1, however, all speculations that they might be printing billions to pump the market is FUD? FUD is based on false information. The basis of the speculation that Tether is being used to pump the market is based on according to you a fact.

I also never said Tether controls the price. I said it is used to pump the price. However, let is agree to disagree.

Yes it is FUD because if you check the trading volume that bitcoin has against different fiats on average during a month for example and then compare that with the same average volume in the same time frame but for altcoins versus Tether you can clearly see that the majority of bitcoins trading volume is in fiat not in Tether. In fact most of Tether usage is in altcoin markets not in bitcoin.

Also if printing Tether could pump bitcoin then how do you explain 2018 which was the big bitcoin bear market and the biggest amount of Tether printed during that year?

[k@suy]

The bear market won't officially happen at the moment. This small dip is good and healthy, when the price rises quickly and significantly, there is time for a dip to hit. The current trend looks like bitcoin will rise and reach a new ATH in near future. Btw if we have a look at past trends, serious gains will happen at the end of the year. There was halving in 2016 but bitcoin reached it's all-time high in December 2017. We had a little bit early significant rise but at the same time rise wasn't as huge as it was on previous halving, that's why I think that 65K isn't the ATH of the year.

I don't believe that the bear market for bitcoin has officially happening maybe it was a price correction but not a bear market instead because bitcoin has recovered its market demand quickly. But to be honest, the last price correction of bitcoin gave us a quite a little confusion because from an ATH of $66k it goes down to a $49k, hence it is a big difference right.

Let us all see in the coming days. If the price of Bitcoin cannot climb up again at least at $60,000, then perhaps we are already in the bear market. If we end up just reaching $50,000 and then lose it again after a while, then we might have entered the bear market. But if we are going to hit another rally that would let us see the $60,000 level once again then that fall in price was just a correction at its worse form.

Waiting what would be the next thing happen to the bitcoin price was the best thing that we can do to see if we are now in bear market or so forth because crypto was unpredictable and volatile, a wise guess maybe applied but not all the time.

[davis196]

Bitcoin will most likely not enter a bear market soon,but it's not because of Coinbase adopting Tether or some historical price patterns.
Bitcoin will recover,mostly because the problems that miners in China have will be solved and the hash rate will start increasing again.
The news about Coinbase and Tether seem like an upcoming Bitcoin price manipulation.
I don't want the Bitcoin price to be manipulated again,but everyone will be happy and excited,when the price hits 100K USD.

[bitgolden]

Bitcoin will recover,mostly because the problems that miners in China have will be solved and the hash rate will start increasing again.

Is that started happening? I am not seeing most crypto new services are updating on this but when considering the business model and how long we are seeing such a dominant contribution from China on bitcoin mining, I hope mining companies will sort out those flood issues and get back all their machines into mining like before.

I don't want the Bitcoin price to be manipulated again,but everyone will be happy and excited,when the price hits 100K USD.

Manipulation will be an integral part of every markets and bitcoin cannot be an exception; in some sense I believe that we need those manipulators to drive prices toward $100k and then one million levels. People manipulate for their own benefits and experienced people also get chances to get benefits from that, so manipulation is not that harm in general.

[bbc.reporter]

However everyone, you should remain as realists and accept that bitcoin is on a bubble that might burst unexpectedly. Everyone is going to the cryptospace presently to get rich quick and live their dreams. But the bulls do not remains bulls similar to 2013 and 2017.



Young South Koreans are reportedly turning to cryptocurrencies as a means of generating wealth in greater numbers , much to the chagrin of their employers.

Many of South Korea’s young workers aged in their 20s and 30s are leaving their average paying jobs to explore crypto day trading, according to a report by local news outlet The Chosun Ilbo on Tuesday.

Their goal is to escape poverty and amass enough wealth to buy a home, a dream many young people worldwide feel is out of reach.

“I face the reality of being unable to afford my own home no matter how hard I save up my salary,” said one anonymous worker cited in the report. “There is no other way than cryptocurrency investments for me to accumulate wealth.”

Source https://www.coindesk.com/young-koreans-crypto-wealth-alernative

[bbc.reporter]

This might be the reversal that we are waiting for or I hope this is the real reversal hehehe. However, this might really be the one. RSI and price are showing a bullish divergence with the dumps weakening after the latest negative news from China.

Elon Musk appears to be silent to avoid further losses on Tesla’s bitcoin investment and there might not be anymore moves on Tether from the government this year. Let us hope that this is the beginning of another long and large pump!

[bbc.reporter]

The institutional investors are coming back hehe. It appears that China’s crackdown will not be stopping the rest of the world’s appetite in investing billions on the latest technologies, particularly assets as volatile as cryptocoins and tokens.

Cathie Wood of Ark Invest also mentioned last month that the institutional investors were fearful in continuing their investment plans in bitcoin and the cryptospace because of Elon and China. This fear is clearly weakening.



Hedge fund firm Marshall Wace is plotting investments in the digital asset sector, say people familiar with its plans, as booming interest in cryptocurrencies and related technologies lures large asset managers.

The London-based group, which manages $55bn in assets, will target investments in areas such as blockchain technology, payments systems for digital currencies and stablecoins, according to one of the people. The group is launching a portfolio that will scoop up stakes in privately owned digital finance companies that are at a late stage in their development, the person said.

The firm has recently been looking to hire staff in the digital assets sector, the people said. While the new business is still at an early stage, the group plans to expand it rapidly in a move that could include other forms of investment, for instance potentially trading digital currencies.

The expansion by Marshall Wace, which has not previously been reported, marks the latest big hedge fund to spot moneymaking opportunities in the fast-growing digital assets industry. Last year Jim Simons’ Renaissance Technologies disclosed in a filing that it could invest in bitcoin.

Marshall Wace was one of a number of investors to take part in a $440m fundraising round for Circle, the US financial technology firm behind the stablecoin USD Coin, at the end of May.

Read in full https://www.ft.com/content/30bc58f8-c8b7-4e9f-a01c-bb3732ea5152

[BrewMaster]

The institutional investors are coming back hehe. It appears that China’s crackdown will not be stopping the rest of the world’s appetite in investing billions on the latest technologies, particularly assets as volatile as cryptocoins and tokens.

it didn't look like they went anywhere, they were all here and were buying bitcoin at these low prices. in fact the China crackdown was not meant to do anything to bitcoin other than providing buying opportunities.

imagine if one of these investors wanted to buy $600k worth of bitcoin, before the China FUD they could only buy 10 bitcoins but now they have bought 20 thanks to that FUD.

[Lucius]

The institutional investors are coming back hehe. It appears that China’s crackdown will not be stopping the rest of the world’s appetite in investing billions on the latest technologies, particularly assets as volatile as cryptocoins and tokens.

Cathie Wood of Ark Invest also mentioned last month that the institutional investors were fearful in continuing their investment plans in bitcoin and the cryptospace because of Elon and China. This fear is clearly weakening.

I would not say that they have gone somewhere and are now returning, they are constantly present, but they can be quite inconspicuous in their actions. I think that all big investments are made through OTC, which of course does not affect the price - so although many think that nothing is happening at the moment, I believe that big players accumulate BTC and some altcoins because they know it will result in big profits.

Of course, China always causes panic with its actions - but only among those who have only recently joined crypto - I know that they have announced a total ban on crypto mining back in 2019 - they have now put it into action.

The London-based group, which manages $55bn in assets, will target investments in areas such as blockchain technology, payments systems for digital currencies and stablecoins, according to one of the people. The group is launching a portfolio that will scoop up stakes in privately owned digital finance companies that are at a late stage in their development, the person said.

I don't see how their investment in blockchain technology or stable coins would help Bitcoin, although I do see that they have some other plans - but it all comes down to how to profit from it all with as little investment as possible. Perhaps the biggest news in this story is that they have as much as $55 billion under their control, it's just a question of how much of that amount they are willing to invest and in what exactly.

[Kittygalore]

If you think that a 50% drop an then a stabilization around the drop is a bear then you haven't experienced the 2018 drop which was way more devastating because the people back when bitcoin reached that point have been so hyped that they think it will continue to go up not expecting the prices to go down really bad. Plus, I think that it's a good rule of thumb to say that it's not bear market unless the prices are much lower or equal to the last year.

[bbc.reporter]

@BrewMaster. Yes they never left. I was implying more about their confidence on the cryptospace market. I found the article where Cathie Wood mentioned institutional investors went on pause after China’s crackedown on mining and Elon’s negative tweets.


Cathie Wood, the founder of Ark Investment Management, said bitcoin – which has lost up to 50% of its value in the last few weeks – has come under pressure from institutional investors concerned about its environmental profile. 

“It was precipitated by the ESG [environmental, social and governance] movement and this notion, which was exacerbated by Elon Musk, that there are some real environmental problems with the mining of bitcoin. A lot of institutional buying went on pause,” she told Nathaniel Whittemore in a pre-recorded interview broadcast Thursday?

Source https://www.coindesk.com/ark-cathie-wood-crash-esg-movement



@Lucius. Much of those investors will find their way to bitcoin, I reckon. How do you think it has maintained  its place in coinmarketcap.com hehe.

[pooya87]

Elon Musk appears to be silent to avoid further losses on Tesla’s bitcoin investment and there might not be anymore moves on Tether from the government this year. Let us hope that this is the beginning of another long and large pump!

He is silent because effectiveness of his tweets ended basically the first week that he started FUDing bitcoin. Then the Chinese FUD began and he was happy thinking his FUD succeeded but as bitcoin price reached its bottom and didn't go any lower he decided not to insist on the  FUD anymore. It is also because he didn't think Doge could also dump hard as bitcoin started going down so when he was FUDing bitcoin while hyping DOGE it was actually dumping on him.

[philipma1957]

Actually the market is stable for mining BTC

when the price was 64 k and the diff was 25.05

the farm I run was mining 1700 x 0.0000047 = 0.00799 btc a day or $511  a day at a coin price of 64k

the farm I run now mines 1700 x 0.0000092 = 0.01564 btc a day or 516 a day at a coin price of 33k

So I have same fiat value but close to 2x the coins each day.

I am small compared to a 17eh farm my 1.7ph farm is not much
but bitmain claimed to have 17eh as its own hash. If that was off China they now earn

156 coins a day vs 80 coins a day.

Just to be clear. The  cloud farm to close  that was directly involved with bitmain was viabtc.com cloud mining. They shut down their ops a week or so ago.

[buwaytress]

Elon Musk appears to be silent to avoid further losses on Tesla’s bitcoin investment and there might not be anymore moves on Tether from the government this year. Let us hope that this is the beginning of another long and large pump!

He is silent because effectiveness of his tweets ended basically the first week that he started FUDing bitcoin. Then the Chinese FUD began and he was happy thinking his FUD succeeded but as bitcoin price reached its bottom and didn't go any lower he decided not to insist on the  FUD anymore. It is also because he didn't think Doge could also dump hard as bitcoin started going down so when he was FUDing bitcoin while hyping DOGE it was actually dumping on him.

Too complex for him to understand how crypto works (that every alt relies heavily on the fortunes of Bitcoin) and he already has his reputation battered so yeah, beat course of action now is to lie low and rough out this not-bitcoin-market-bear-after-all.

@philipma indeed it has been a surprisingly stable miner's market from what I am hearing even in parts of SE Asia where it's not the most efficient. This China exodus has given unexpected breathing room for amateur enthusiasts. Sounss like good news to me.

[darkangelosme]

In my opinion on July it will be the bearish season for Bitcoin, but for now it still become stable in the market right now. And i think also the Bitcoin will enter the bullish season on October to January . But still it is my opinion only no one knows what will happen on market in the near future  .